Business, 29.07.2020 02:01 xXCoryxKenshinXx
Comprehensive problem, Jennifer and Janson Greco are married and file a joint tax return. Their two dependent children (ages 14 and 16) both live in at home. The Grecos have the following income and expenses
Income
Jennifer’s salary 120,000
Jason’s net profit from his sole proprietorship 148,000
Interest income on state of taxes bonds 10,000
Interest income on corporate bond 12,000
Cash dividend 19,000
Long term capital gain from state of stock 70,000
Expenses
Interest on the 850,000 principal from their Home acquisition mortgage 48,000
Real property taxes on their home 11,000
Charitable contributions to their church 49,000
Federal income tax withheld from jenifer’s salary 35,000
Estimated federal tax payments for this year 30,000
What is their adjusted gross income and taxable income for 2015?
What is their net tax due or refund expected for 2015?
Using the total tax you compound in part b, what is their effective tax rate as a percentage of their adjusted gross income?
Answers: 2
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Comprehensive problem, Jennifer and Janson Greco are married and file a joint tax return. Their two...
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